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Indian Equity Market Sees Surge in New Listings

The Indian equity market has continued to witness a surge in new listings, as three more companies made their debut on the stock exchanges today. This comes a day after the debut of Jewellery retailer Motisons Jewellers, Mumbai-based realtor Suraj Estate Developers, and micro lender Muthoot Microfin on Dalal Street.

Happy Forgings, RBZ Jewellers, and Credo Brands Marketing are the new entrants to the bourses. While Happy Forgings had a strong debut, RBZ Jewellers and Credo Brands started on a muted note. Happy Forgings’ shares were listed at Ôé╣1,000 on the NSE, a premium of 17.64% over the issue price of Ôé╣850 apiece. On the other hand, shares of Credo Brands debuted at Ôé╣282.35, up 0.84% on the NSE, against the issue price of Ôé╣280 apiece. RBZ Jewellers’ shares were listed flat at Ôé╣100, at par with the IPO issue price on the NSE.

After listing, Happy Forgings shares gained as much as 22% to Ôé╣1,037.70 on the NSE. RBZ Jewellers rose 5% to Ôé╣105, and Credo Brands shares climbed 6.7% to Ôé╣298.85 apiece. The positive sentiment was driven by the broader market, with BSE Sensex and NSE Nifty gaining up to 0.6% in the first two hours of trade.

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Shivani Nyati, Head of Wealth at Swastika Investmart, commented on the listing of Happy Forgings, noting that it was slightly below pre-listing expectations. She emphasized the importance of carefully evaluating both the concerns raised by the lower-than-expected listing and the strong fundamentals of the company before making any investment decisions.

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